Silver Price Analysis: XAG/USD falls below the 50-DMA eyeing the 200-DMA at $23.50

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  • Silver price falls below the 50-day Moving Average to close at $23.53.
  • Technical outlook suggests a bearish tilt, with the 200-DMA at $23.46 as a key support level that could trigger further downside to $23.00 and $22.23.
  • Intraday analysis shows first support at yesterday’s low of $23.46, first resistance at the daily pivot of $23.68, followed by the R1 daily pivot at $23.86.

Silver price retraces and breaks technical support at the 50-day Moving Average (DMA) on Tuesday after hitting a daily high of $23.99. The $23.71 area was surpassed late in the New York session, which witnessed the white metal printing a daily close of $23.53. At the time of writing, XAG/USD is trading at $23.53, registering minuscule gains of 0.03%.

XAG/USD Price Analysis: Technical outlook

The XAG/USD price action shows the white metal is tilted to the downside, but the trend is unclear. As of writing, it’s shy of clearing the 200-DMA at $23.46, which is seen as a bearish signal that could make prices tumble. In that case, the first support would be the $23.00 psychological level, followed by the August 15 swing low of $22.23. On the flip side, the XAG/USD first resistance would be the 50-DA at $23.71, followed by the $24.00 mark.

From an intraday perspective, XAG/USD is downward biased, with first support emerging at yesterday’s low of $23.46. Once cleared, the next support would be the S1 daily pivot at $23.34, followed by the S2 pivot point at $23.14. On the flip side, the daily pivot at $23.68 is the first resistance level, followed by the R1 daily pivot at $23.86.

XAG/USD Price Action – Hourly chart

XAG/USD

Overview
Today last price 23.55
Today Daily Change -0.45
Today Daily Change % -1.88
Today daily open 24
 
Trends
Daily SMA20 23.47
Daily SMA50 23.7
Daily SMA100 23.92
Daily SMA200 23.44
 
Levels
Previous Daily High 24.3
Previous Daily Low 23.96
Previous Weekly High 25.02
Previous Weekly Low 24.05
Previous Monthly High 25.02
Previous Monthly Low 22.23
Daily Fibonacci 38.2% 24.09
Daily Fibonacci 61.8% 24.17
Daily Pivot Point S1 23.88
Daily Pivot Point S2 23.76
Daily Pivot Point S3 23.55
Daily Pivot Point R1 24.21
Daily Pivot Point R2 24.42
Daily Pivot Point R3 24.54

 

 

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